Granules India rises after Vizag facility gets EIR from USFDA

Granules India rose 3.40% to Rs 118.45 at 14:23 IST on BSE after the company said it received establishment inspection report from the US drug regulator for Vizag facility.

The announcement was made during trading hours today, 6 October 2017.

Meanwhile, the S&P BSE Sensex was up 178.32 points, or 0.56% to 31,770.35.

On the BSE, 4.76 lakh shares were traded in the counter so far, compared with average daily volumes of 1.65 lakh shares in the past one quarter. The stock had hit a high of Rs 120.35 and a low of Rs 114.10 so far during the day. The stock hit a 52-week high of Rs 157 on 18 May 2017. The stock hit a 52-week low of Rs 91.45 on 9 November 2016.

The stock had underperformed the market over the past one month till 5 October 2017, falling 10.16% compared with 0.22% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 18.85% as against Sensex's 0.74% rise. The scrip had also underperformed the market in past one year, falling 4.54% as against Sensex's 12.40% rise.

The small-cap company has equity capital of Rs 25.38 crore. Face value per share is Re 1.

Granules India announced that US Food and Drug Administration (USFDA) has issued Establishment Inspection Report (EIR) to the Granules OmniChem facility, a 50:50 joint venture company of Granules India and Ajinimoto OmniChem N.V., located at Vizag, Andhra Pradesh, India. This facility was inspected by USFDA in December 2016 and there were seven observations during the inspection. This facility currently manufactures active pharmaceutical ingredient (API) intermediates.

On a consolidated basis, net profit of Granules India declined 5.54% to Rs 36.80 crore on 10.18% rise in net sales to Rs 378.73 crore in Q1 June 2017 over Q1 June 2016.

Granules India is a vertically integrated pharmaceutical company, headquartered in Hyderabad, India. It manufactures active pharmaceutical ingredients (APIs), pharmaceutical formulation intermediates (PFIs) and finished dosages (FDs), distributed to customers in both regulated and semi-regulated markets.

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